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THE MILLENNIUM GROUP OF COMPANIES

THE MILLENNIUM GROUP OF COMPANIES

FBR's New Online System: Easier Tax Exemptions and Property Transactions

The Federal Board of Revenue (FBR) is gearing up to introduce an innovative online feature as part of its updated ‘IRIS’ system. This new feature will provide citizens with the option to either claim exemptions or opt for a 1% tax payment under Section 7E for immovable properties, as reported on August 6th.

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Official Board Declaration

Sources indicate that the board has recently made two significant announcements aimed at enhancing convenience and transparency in property transactions within the real estate sector.

Revolutionizing FBR Services

The FBR has taken a major leap forward by launching an online service that eliminates the need for taxpayers to physically visit the Commissioner of Inland Revenue’s office. This strategic move not only streamlines the process but also addresses concerns related to potential exploitation during the exemption certificate application process.

Property Valuation Update

Additionally, the FBR has decided to postpone the release of the new valuation tables for immovable properties to the upcoming month. Originally slated for release in August 2023, these revised property values will now be collaboratively established with committees set up in each city by the end of this month.

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High-Level Dialogue with FBR Representatives

The decisions emerged following a productive meeting between FBR Chairman Amjad Zubair Tiwana and representatives from the real estate sector at the FBR Headquarters.

This meeting held immense significance as it delved into the mandate for every seller of immovable property to either obtain an exemption certificate from the Commissioner of Inland Revenue or adhere to a 1% tax payment as outlined by Section 7E of the Income Tax Ordinance.

Inclusive Impact

Notably, all citizens of Pakistan, whether they are tax filers or non-filers, fall under the purview of the provisions outlined in Section 7E of the Income Tax Ordinance. In a noteworthy departure from the past, tax filers seeking exemption under this section will no longer need to personally visit the concerned commissioner for proof of exemption.

Demonstrating a forward-looking approach, the FBR is on the brink of introducing a user-friendly online platform that simplifies the process of obtaining exemption certificates. This forward momentum is indicative of the real estate sector embracing digitization and efficiency while upholding principles of fair taxation.

Huma Ishfaq

Huma Ishfaq is a proficient SEO content creator, news editor, and blogger with a distinct inclination toward composing articles on various topics. With over two years of writing experience, she has honed her skills in producing informative and engaging content on a wide array of subjects. Her captivating writing style and insightful commentary have earned her recognition within the industry.

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2 thoughts on “FBR’s New Online System: Easier Tax Exemptions and Property Transactions”

  1. FBR's New Online System: Easier Tax Exemptions and Property Transactions

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